31 March 2017Insurance

Cyclone Debbie costs could reach ‘hundreds of millions of dollars’

The Insurance Council of Australia (ICA) said that Tropical Cyclone Debbie triggered 7,500 claims and that insurance losses could reach into the hundreds of millions of dollars as householders and businesses return to their properties and lodge claims.

Cyclone Debbie made landfall on March 28 in Queensland, Australia as a Category 4 severe tropical cyclone.

The ICA has declared a catastrophe for damage caused by Cyclone Debbie which triggers additional measures such as the activation of a hotline and the establishment of a taskforce.

The ICA has now expanded its latest catastrophe declaration to include areas hit by the remnants of Tropical Cyclone Debbie as it moves south.

“This level of catastrophe has not been seen since ex-Tropical Cyclone Oswald in 2014, when storms and flooding affected large parts of Queensland and NSW and caused insurance losses of almost $1.2 billion,” said ICA CEO Rob Whelan.

Today’s top stories

Insurance author retires from SVP role at Guy Carpenter after 40 years in industry

Underwriting losses prompt Lloyd’s chief financial officer to take action

Alliant prevails in employee "raid" lawsuit by rival Aon

Ryan Specialty snaps up US MGA LoVullo for wholesale brokerage unit

Did you enjoy reading this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
28 March 2018   Insured losses across Queensland and New South Wales from tropical cyclone Debbie have reached A$1.74 billion ($1.33bn), according to the final estimate released by PERILS.
News
13 April 2017   Swiss Re has reported its claims estimate for tropical Cyclone Debbie at around $350 million.
Insurance
11 April 2017   Insured losses across Queensland and NSW from Tropical Cyclone Debbie have reached A$660 million ($496 million) from 41,105 claims as of April 11, according to the Insurance Council of Australia.